* Procter & Gamble drags on Dow, S&P 500 after outlook
* TripAdvisor rallies after results; Lorillard, Intuit fall
* UBS downgrades Amazon.com to "neutral," shares drop
* Dow off 0.1 pct, S&P 500 up 0.1 pct, Nasdaq up 0.4 pct
By Ryan Vlastelica
NEW YORK, Feb 12 The S&P 500 rose slightly on
Wednesday as a slide in Procter & Gamble's shares kept gains in
check after a four-day rally took the benchmark index within
striking distance of a record high.
The Standard & Poor's 500 has risen 3.9 percent over the
past four sessions, its longest winning streak of the year and
best four-day performance in 13 months. The S&P 500 now stands
1.4 percent below its record closing high of 1,848.38 set on
The advance came after Wall Street's sharpest drop in more
than a year, with a selloff triggered by turmoil in emerging
markets. Investors were subsequently reassured after Congress
agreed to advance legislation extending U.S. borrowing authority
and Federal Reserve Chair Janet Yellen held off from making any
changes to its schedule for trimming stimulus.
"There isn't a big discount to the market since valuations
remain at or approaching fair value, but we don't see it as
overly expensive since earnings are growing steadily," said Eric
Teal, chief investment officer at First Citizens Bancshares in
Raleigh, North Carolina. "We're seeing a better tone in the
market after a rough start to the month."
Procter & Gamble Co shares lost 1.7 percent to
$77.48, weighing on both the Dow and S&P 500 after the world's
largest household products maker cut its sales and earnings
outlook for the year, citing the devaluation of currencies in
various developing markets.
"Stocks are that are closely tied to consumer spending
patterns will see some volatility ahead," said Teal, who helps
oversee $3.5 billion in assets.
The Dow Jones industrial average was down 11.34
points, or 0.07 percent, at 15,983.43. The Standard & Poor's 500
Index was up 2.20 points, or 0.12 percent, at 1,821.95.
The Nasdaq Composite Index was up 15.62 points, or 0.37
percent, at 4,206.67.
In other earnings news, TripAdvisor Inc was the S&P
500's biggest percentage gainer, climbing 8.3 percent to $91.19
a day after the travel website company reported revenue that
Owens Corning shares jumped 9.3 percent to $43.43
after the building products maker reported adjusted four-quarter
profits that more than tripled, driven by a rebound in the U.S.
Of 365 companies in the S&P 500 that had reported earnings
through Wednesday morning, 67.7 percent have beaten profit
expectations, above the long-term average of 63 percent,
according to Thomson Reuters data. More than 66 percent have
beaten revenue forecasts, above the historical average of 61
Still, there are signs of weakness, with 4.8 companies
warning about their first-quarter results for every one with
positive guidance, according to Thomson Reuters data.
Amazon.com Inc fell 3.4 percent to $349.50 after
UBS downgraded the stock of the world's largest online retailer
to "neutral," while the shares of both Lorillard Inc and
Intuit Inc slumped after their results.
Shares of tobacco company Lorillard fell 6.6 percent to
$46.66. The stock of mobile payment company Intuit dropped 3.8
percent to $69.93.
Ford Motor Co shares rose 0.8 percent to $15.08 after
the automaker and its Chinese joint ventures reported a 53
percent increase in vehicle sales in China in January.
AMCOL International Corp surged 12.3 percent to
$41.24 after the U.S. minerals and materials group agreed to be
acquired by France's Imerys for about $1.6 billion,